PTBOCanada Featured Post: Sales Representative Patrick McAuley On Investing In A Rental Properly

The term “investment property” has always been enticing. The thought of someone else paying down a mortgage for you and then selling for a nifty profit is almost too good to pass up.

As a Real Estate Agent with Bowes and Cocks, Patrick McAuley knows all too well that for every peak there is a valley, and suggests that potential buyers consider everything before making a final decision.

Let’s change things up and look at the disadvantages of a rental property first!

Disadvantages Of A Rental Property:

1. It might be tough to finance the purchase. If the rental property is your 2nd property, then you will need to pony up a down payment of AT LEAST 20% of the purchase price. Most people will need to take a mortgage out on a property, and the initial expenses could be quite high and unexpected.

2. As the owner, you take on the responsibilities and challenges of being a landlord. Unless you can afford to pay a property management company to take on this job for you, you could encounter a few headaches. Rental units will always need repairs to be made, along with clean ups between tenants. Dealing with tenants can also be tricky—especially when it comes to receiving rent payments.

3. It could be difficult and costly to sell the property later. It can take time to sell a property, no matter how nice it is, and the unseen costs of keeping up a 2nd property with tenants potentially leaving while the house is listed can add up quickly!

Advantages Of A Rental Property (Don’t worry, There Are Quite A Few!):

1. You gain an additional monthly income. Assuming the home is rented to its potential, the money coming in for rent is generally more than the cost to run the house. Other forms of investment can be less predictable in pay outs.

2. You pay less overall tax. You can deduct certain expenses from your income—reducing the taxes you owe. The list includes:

•Mortgage interest
•Property taxes
•Insurance
•Maintenance/upgrades
•Property management
•Utility bills (if they are included in the rental agreement)

Give Patrick McAuley a call, he can help

3. You may be able to deduct losses for tax purposes. If expenses exceed your rental income, you may be able to deduct that loss from any other sources of income you have. This could reduce your total tax bill.

So... Do Your Homework

With all of this info to consider, Patrick suggests doing your homework before making any hasty decisions. Accountants, lawyers, mortgage brokers, or other financial experts can help shed some light on a subject most people aren’t entirely educated in!

If you are considering entering the rental property market, Patrick invites you to contact him and ask as many questions as you need. He understands the importance that this decision can play in people’s lives and would be happy to steer you in the right direction!

This is the fourth in a Featured Post series with Patrick McAuley, Sales Representative – Bowes and Cocks LTD Brokerage. Read his first three columns here, here and here.

For more on Patrick McAuley, go to:
Phone:
Office -> 705.742.4234
Toll Free -> 1.888.742.4234
Website: BowesandCocks.com
Email: pmcauley@bowesandcocks.com
Twitter: @sellwithpat
Fax: (705) 743-9374

**This is not intended to solicit clients already under contract**

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**If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email our Sales Director Aaron Elliott at aaron@ptbocanada.com for info!

PTBOCanada Featured Post: Sales Representative Patrick McAuley On Real Estate Innovation At Bowes & Cocks

Bowes & Cocks on Charlotte St.

Patrick McAuley can't help but be extremely excited about the future. As a Sales Representative with Bowes & Cocks LTD Brokerage located at 333 Charlotte Street, he is a part of an incredible local team that is about to work in a fully renovated "state of the art" facility that has been years in the making.

Patrick and his colleagues are entering into a time for Bowes and Cocks that will be HIGH TECH, PAPERLESS, ACCESSIBLE and GLOBALLY CONNECTED thanks to many of the changes that have taken place there.

With their new and improved website at Bowesandcocks.com, bringing a modern look and enhanced Home Hunter options, they are also enabling themselves to better serve clients by staying ahead of the curve in today’s tech savvy world.

New Bowes & Cocks space

Bowes and Cocks are now connected with a Global Network of premiere independent brokerages, with higher sales volume collectively than ANY other franchise. The company also now offers a new Luxury International Portfolio. This portfolio will allow the company’s highend clients to market their property worldwide, leading to potential newbuyers.

Bowes and Cocks are also working on a Green initiative by having more PAPERLESS options than ever before. Agents nowadays are still using a lot of paper during the home buying and selling process which makes the move by Bowes & Cocks to go digital as much as possible great for the environment. As part of this new digital focus, Patrick and the rest of the company are able to provide enhanced customer experience, with On-Line Quality Assurance Survey's, Product Offers by mail, Increased marketing of their properties, and links to their recommended local business for one-stop-shopping.

New Bowes & Cocks space

All of these advancements in technology help Patrick serve his clients better. In combination with his corporate training in sales, negotiation, and customer service, he builds specific and unique strategies for every client so that he can guarantee a positive experience when selling their home, commercial unit, or farm.

He believes in open dialogue, as communication is key to a relationship with his clients. Patrick makes sure when meeting with new clients that he is open and honest, and takes the time to get to know them. By doing this, he can learn what his client’s core values are and what they need from him to make the experience of buying or selling a positive one.

Patrick is excited to work with more great people in our community. He WILL work harder than any other. This is a great time to work with Bowes & Cocks and he invites you to contact him!

This is the third in a series with Patrick McAuley, Sales Representative – Bowes and Cocks LTD Brokerage. Read his first two columns here and here.

For more on Patrick McAuley, go to:
Phone:
Office -> 705.742.4234
Toll Free -> 1.888.742.4234
Website: BowesandCocks.com
Email: pmcauley@bowesandcocks.com
Twitter: @sellwithpat
Fax: (705) 743-9374

**This is not intended to solicit clients already under contract**

--------------------------------

If your business/organization is interested in a PTBOCanada Featured Post Advertorial, email sales@ptbocanada.com!